Photovoltaics (PV) is a method of generating electrical power by converting solar radiation into direct current electricity using semiconductors that exhibit the photovoltaic effect. Photovoltaic power generation employs solar panels composed of a number of solar cells containing a photovoltaic material. Due to the increase demand for renewable energy sources, the manufacturing of solar cells and photovoltaic arrays has advanced considerably in recent years.
Solar photovoltaics is now, after hydro and wind power, the third most important renewable energy source in terms of globally installed capacity. More than 100 countries use solar PV. Installations may be ground-mounted or built into the roof or walls of a building.
Driven by advances in technology and increases in manufacturing scale and sophistication, the cost of photovoltaics has declined steadily since the first solar cells were manufactured and the levelised cost of electricity from PV is competitive with conventional electricity sources in an expanding list of geographic regions. Net metering and financial incentives, such as preferential feed-in tariffs for solar-generated electricity, have supported solar PV installations in many countries. With current technology, photovoltaics recoup the energy needed to manufacture them in 1 to 4 years.
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